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Coinbase to Pay $100M in Settlement With NY Regulators

State says it took months for cryptocurrency platform to report suspicious activity

(Newser) - New York announced a $100 million settlement with Coinbase on Wednesday over what state officials called significant failures in the cryptocurrency trading platform's systems for spotting potential criminal activity. According to the state Department of Financial Services, Coinbase's anti-money-laundering program and its system for monitoring transactions for suspicious...

Stocks Headed for Worst Year Since 2008

The picture is even worse for cryptocurrencies

(Newser) - Friday is the last trading day in a year many on Wall Street will be glad to see the last of. Stock futures fell overnight, leaving major indexes on course for their worst year since 2008, CNBC reports. The S&P 500 dropped 19.24% in 2022, the Nasdaq plunged...

Bankman-Fried Arrested in Bahamas
FTX Founder
Arrested in

FTX Founder Arrested in Bahamas

Sam Bankman-Fried was picked up at US request after prosecutors filed an indictment

(Newser) - Sam Bankman-Fried, who is under criminal investigation in both places over the collapse of the crypto firm he founded, was arrested Monday in the Bahamas after an indictment was filed against him in the US. The announcement was made by US Attorney Damian Williams, who said the US government had...

Sam Bankman-Fried: OK, I'll Talk to Congress

Ex-CEO of failed FTX set to appear Tuesday in front of House Committee on Financial Services

(Newser) - Sam Bankman-Fried has been talking to the media about the collapse of his FTX cryptocurrency firm, and now he says he's willing to talk to Congress, too. CNBC reports that Bankman-Fried announced as much Friday in a series of tweets , writing that he'll be at the Tuesday morning...

Bankman-Fried Talks His Net Worth, 'Biggest Single' Mistake

Ex-FTX CEO, who notes he had $100K last he checked, says he shouldn't have filed Chapter 11

(Newser) - It's not clear if FTX founder Sam Bankman-Fried has a legal team or anyone else advising him to stay tight-lipped after the collapse of his crytocurrency exchange, costing him his entire fortune—but if he does, he's ignoring that advice. As part of what critics are calling a...

Crypto Lender With 'Significant Exposure' to FTX Goes Bankrupt

BlockFi signed deal with exchange earlier this year

(Newser) - A cryptocurrency lender that struck a deal with FTX when the market soured earlier this year has followed the crypto exchange into bankruptcy. BlockFi said Monday that it had filed for bankruptcy protection and would use the process to "focus on recovering all obligations owed to BlockFi by its...

The Weird Connection Between FTX and a Tiny Rural Bank

It raises more questions about failed cryptocurrency exchange

(Newser) - There is no shortage of questions swirling around the imploded cryptocurrency exchange FTX, but the New York Times raises a particularly unusual one: Why did FTX invest a huge sum in a rural Washington bank so small it didn't even provide online banking? As the paper explains, the revelation...

FTX Lawyers: 'Substantial Amount' of Assets Stolen
FTX Bankruptcy Mess
Gets Even Worse

FTX Bankruptcy Mess Gets Even Worse

Lawyers say 'substantial amount' of assets has been stolen

(Newser) - Lawyers for FTX disclosed Tuesday that a “substantial amount" of assets has been stolen from the accounts of the collapsed cryptocurrency exchange, diminishing the odds that its millions of investors will get their money back. The admission came during FTX's first court appearance since the company filed for...

Stars Sued Over Ads for FTX 'Ponzi Scheme'

Class-action filing says celebrities deceptively encouraged investments in failing crypto exchange

(Newser) - The pain felt by investors in FTX might at some point be shared by the celebrities who made ads promoting it. A new class-action lawsuit names a raft of celebrities who promoted the now-bankrupt cryptocurrency exchange, saying the deceptive endorsements were designed to prompt "unsophisticated investors" to put their...

Sam Bankman-Fried: I Didn't Flee to Argentina

Speculation had swirled that he left the Bahamas

(Newser) - Sam Bankman-Fried, once the wealthiest person in the world under 30 and now reportedly worth nearly nothing following the collapse of FTX , the cryptocurrency exchange he co-founded and ran, says he has not fled to Argentina. There was speculation that he had, and FlightRadar24 tweeted as much, but when Reuters...

His $16B Net Worth Just Went Poof
His $16B Net Worth
Just Went Poof

His $16B Net Worth Just Went Poof

Sam Bankman-Fried's billions vanished with collapse of FTX crypto exchange

(Newser) - Last year, Forbes described Sam Bankman-Fried, then-CEO of cryptocurrency exchange FTX, as the richest person in the world under 30, with an estimated net worth of more than $20 billion. Bankman-Fried is no longer under 30, no longer the CEO of FTX, and according to Bloomberg , his net worth might...

Collapse of Crypto Exchange Is Taking a Toll on Bitcoin

FTX files for bankruptcy, and the drama is hurting the value of the top cryptocoin

(Newser) - Embattled cryptocurrency exchange FTX—short billions of dollars—is seeking bankruptcy protection following its collapse this week. Meanwhile, FTX and its CEO and founder Sam Bankman-Fried are under investigation by the DOJ and the SEC to determine whether any criminal activity or securities offenses were committed, per the AP . The...

Wall Street Has the Post-Election Blues
Wall Street Has the
Post-Election Blues

Wall Street Has the Post-Election Blues

Dow drops 647 points, cryptocurrencies plummet

(Newser) - Wall Street closed sharply lower Wednesday, giving back a big chunk of the gains built in a three-day rally running up to Election Day. The S&P 500 fell 79.54 points, or 2.1%, to 3,748.57. The Dow Jones Industrial Average fell 646.89 points, or 2%,...

DOJ Recovers Stolen Bitcoin Once Valued at $3.36B— in Popcorn Tin

It was stolen from Silk Road in 2012, is now only worth about $1B

(Newser) - Bitcoin valued at $3.36 billion was stolen from the dark web marketplace Silk Road in 2012. A decade later, it's been recovered, though it's lost quite a bit of value since then. The US Department of Justice announced Monday that the stolen cryptocurrency was seized last November,...

Couple Expecting $100 Refund Get $6M by Mistake
Couple in Hot Water After
$6M Bank Transfer Error

Couple in Hot Water After $6M Bank Transfer Error

They spent millions sent to them errantly by a cryptocurrency company

(Newser) - So what would you do if a cryptocurrency company accidentally transferred more than $6 million into your bank account? Thevamanogari Manivel and partner Jatinder Singh of Australia went on a monumental spending spree—one that included four houses—and now both are in big legal trouble as a result, reports...

Kim Kardashian Got $250K for Post—Then Was Fined $1.26M

She promoted EthereumMax but didn't disclose she was paid to do so

(Newser) - "ARE YOU INTO CRYPTO??? THIS IS NOT FINANCIAL ADVICE BUT SHARING WHAT MY FRIENDS JUST TOLD ME ABOUT THE ETHEREUM MAX TOKEN." So began an Instagram post Kim Kardashian posted in June 2021, in which she pushed EthereumMax’s crypto asset. She did mark it with #ad, but...

$258B Cryptocurrency Lawsuit Against Musk Expands

Investors accuse of him of inflating Dogecoin's value before letting it crash

(Newser) - A lawsuit accusing Elon Musk and his companies of artificially driving up the price of the Dogecoin cryptocurrency before letting it crash in 2021 has expanded, adding new defendants and new investor plaintiffs, according to a court filing. Reuters reports that the $258 billion lawsuit now includes Musk's Boring...

He Lost $187M in Bitcoin, Has Idea How to Get It Back

James Howells' latest plan involves AI

(Newser) - James Howells' claim to fame is the fortune that he lost. In 2013 the computer engineer accidentally tossed a hard drive containing 8,000 bitcoins. At their current value of about $23,400 a pop, those missing bitcoins are worth roughly $187 million; at their November 2021 peak, it would...

Robinhood Has More Bad News for Its Employees

After slashing 9% of workforce earlier this year, CEO Tenev announces another 23% has to go

(Newser) - Robinhood Markets said Tuesday it's cutting nearly a quarter of its workforce, as crashing cryptocurrency prices and a turbulent stock market keep more customers off its trading app. CEO Vlad Tenev said the company, whose easy-to-use app helped bring a new generation of investors to the market, will reduce...

Feds Say Crypto Firm Was $300M Ponzi Scheme

Forsage's founders among 11 charged by SEC

(Newser) - Cryptocurrency firm Forsage used technology undreamt of when Charles Ponzi was ripping off investors in the 1920s but regulators say the basic idea was the same: A scam in which investors promised big returns were paid off with money from later investors. The Securities and Exchange Commission has charged 11...

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